Raising funds Successfully at SHARK TANK season 5: DauThau.info and the Bidding Ecosystem shake hands with Shark Hung Anh's BIN Group

The dramatic Q&A session of the Bidding Ecosystem and the Sharks

At the beginning of the fundraising session, Sharks were invited to participate in a multiple choice question answer session. The questions focused on each Shark's views on the issue of shopping in the business and the actual situation at Shark's business. 

Sharks, like many other businesses today, have the need to purchase goods with a value of over 100 million and through the form of bidding or competitive quotation. Shark's businesses also often use traditional information channels such as posting in newspapers, posting on business websites, posting on social networks or thanks to close relationships. 

This is the reality of the business procurement situation in Vietnam, a Startup representative said that according to market research results, many businesses in Vietnam often use such information channels. However, these channels often do not reach a wide range of suppliers, making competitive offers not really competitive. 

Mr. Pham Duc Tien also asked the Sharks' opinions on the negative problem occurring in the shopping stage of businesses, especially large enterprises. Most of the Sharks agree and think that this is a painful problem of many businesses for a long time. Because procurement information is not widely accessible to suppliers, investors often have to find suppliers through personal relationships. This is the most likely period of negative events in the purchasing department of the business.

DauThau.Net solves the pain of business shopping

DauThau.Net software (belonging to Startup Bidding Ecosystem) was born to solve all problems about business procurement as answered by Sharks. This platform is expected to become the leading B2B e-commerce platform in Vietnam. Up to now, the system has more than 40,000 suppliers participating, of which more than 2,000 businesses are using paid packages with prices ranging from 7 million to 100 million/year 

This is a trading floor system for businesses (B2B) based on purchasing needs by bidding, soliciting competitive offers painting. Businesses wishing to buy/sell will easily find each other on DauThau.Net thanks to the intelligent support of the software. The system supports many different types of transactions from bidding to competitive offers (supports both simple forms of purchasing such as an individual looking for a construction contractor, to bidding forms). complicated according to the procurement process of the Law on Bidding). Businesses can create online portfolios, online booths and online bidding on DauThau.Net.

165% growth despite Covid, Bidding Ecosystem attracts the attention of Shark Hung Anh and Shark Binh

The highlight that attracts Sharks is that the Bidding Ecosystem is a rare startup that is profitable from the very first day. The view of Mr. Nguyen The Hung, founder and representative of the project incubator is:

“Startup is not and should never be a money burning machine. To go the long way, startups need to stand on their own two feet. However, the reality is that most e-commerce projects under the floor model have to burn money for the first stage and burn a lot of money for marketing until the floor reaches a certain size to be able to operate. self-balancing. The Bidding Ecosystem project is a very special case because it has found a solution to help the exchange maintain its operation when the scale is not large enough, even profitable from the first year”.

“Even in 2021, the entire economy is stagnant and affected by the Covid pandemic, the Bidding Ecosystem will still grow by 165% compared to 2020 and the profit margin is over 50%. This gives the Sharks peace of mind because the investment is definitely profitable right away.”

The Sharks are all interested in the pioneering model of the Bidding Ecosystem, especially the 2 Tech Sharks, Shark Binh and Shark Hung Anh. . Many questions were raised about financial data, revenue, profit, startup amount invested, future orientation, capital use plan... With clear data, how to present Confident and coherent presentation, the Bidding Ecosystem successfully "closed the deal" with Shark Hung Anh to receive an investment of VND6 billion in exchange for a 10% stake. 

Hopefully with the investment and cooperation of Shark Hung Anh, the Bidding Ecosystem will have many great new steps in the future and achieve the goal of becoming the No. 1 B2B trading platform in Vietnam in 3 years. next year.

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